Credit Card Payoff Calculator

Calculate how long to pay off credit card debt and total interest. Compare different payment strategies and see how much you can save.

Payoff Summary

Time to Pay Off

2y 10mo

Total Interest

$1,749

35% of balance

Original Balance$5,000
Total Payment$6,749
Interest Savings vs Min$32,946
Time Savings vs Min47y 2mo

Credit Card Balance

50050,000
%
535

Monthly Payment

932,000
Minimum Payment (2%)$100
Interest Only$92
Going to Principal$108

Payoff Progress

Payment Comparison

Monthly PaymentTime to PayoffTotal InterestTotal Paid
$10011y 5mo$8,657$13,657
$2002y 10mo$1,749$6,749
$3001y 9mo$1,021$6,021
$5001y 0mo$574$5,574

Your Payment vs Minimum Payment

Your Payment ($200/mo)

2y 10mo

$1,749 interest

Minimum Payment (~$100/mo)

50y 0mo

$34,695 interest

You save $32,946 and pay off 47 years 2 months faster

Payment Schedule

MonthPaymentPrincipalInterestBalance
1$200$108$92$4,892
2$200$110$90$4,781
3$200$112$88$4,669
4$200$114$86$4,554
5$200$117$83$4,438
6$200$119$81$4,319
7$200$121$79$4,198
8$200$123$77$4,075
9$200$125$75$3,950
10$200$128$72$3,822
11$200$130$70$3,692
12$200$132$68$3,560

Showing first 12 of 34 months

Tips to Pay Off Faster

1.

Pay more than the minimum - even $25 extra makes a big difference over time.

2.

Consider a balance transfer to a 0% APR card (watch for transfer fees).

3.

Call and ask for a lower APR - many issuers will negotiate, especially if you have good history.

4.

Use windfalls (tax refunds, bonuses) to make extra payments toward principal.

Quick Answer

To calculate credit card interest, multiply your balance by the daily rate (APR/365) and number of days. Minimum payments barely cover interest, extending payoff for years. Our calculator at practicalwebtools.com shows true payoff time and total interest for any payment amount.

Key Facts

  • Average credit card APR in 2025: approximately 20-24%
  • Minimum payments typically 1-3% of balance or $25 minimum
  • Paying only minimums can take 15-30 years to pay off
  • Daily interest calculation: Balance × (APR/365) × Days
  • Grace period: no interest if paid in full by due date
  • Balance transfers can reduce interest but watch transfer fees

Frequently Asked Questions

Credit card interest is calculated using your Average Daily Balance multiplied by the Daily Periodic Rate (APR ÷ 365). Interest compounds daily, meaning you pay interest on interest. A $5,000 balance at 20% APR costs about $83/month in interest if unpaid.
As of 2024, average credit card APRs range from 20-25%. Excellent credit may qualify for 15-19%, while store cards often charge 25-30%. A "good" APR is below 18%. However, the best strategy is paying in full monthly to avoid interest entirely.
Always pay more than the minimum when possible. Minimum payments are designed to maximize interest paid to the card company. A $5,000 balance with minimum payments could take 15+ years to pay off and cost more in interest than the original debt.
Snowball: Pay minimums on all cards, put extra money toward the smallest balance. Good for motivation. Avalanche: Pay minimums on all, put extra toward the highest APR. Saves more money mathematically. Choose based on what keeps you motivated.
Balance transfers move debt from a high-APR card to one with a 0% intro APR (typically 12-21 months). Watch for transfer fees (usually 3-5%). You must pay off the balance before the intro period ends, or remaining balance gets hit with the regular APR.
Yes, closing cards can hurt credit by reducing available credit (increasing utilization ratio) and shortening average account age. Consider keeping old cards open with occasional small purchases. Only close if annual fees aren't worth it.